Jong-yeol Seo, Gounee Yang

Global Economic News

DOOSAN Heavy Industries and Construction announced that it has signed an EPC contract valued at 1 trillion won (US$834 million) with Tuwaiq Casting & Forging, a joint venture in Saudi Arabia, to build a casting and forging factory.

Tuwaiq Casting & Forging is founded last month as a joint venture between Dussur, the Saudi Arabian industrial investments company, Saudi Aramco Development Co., a subsidiary of Saudi Aramco, and Doosan Heavy.

Casting and forging are part of the metal product manufacturing process. Casting is the process where metal is heated until molten and poured into a mold to make a certain form of metal products. Forging is the process where metal is heated at constant temperature and make shape by pressing the material.

The new factory will be built in the King Salman Global Maritime Industries Complex, a shipyard in Ras Al-Khair, Saudi Arabia. It will be constructed on a site of 400,000 m² and is expected to have annual production capacity of 60,000 tons. It will be the Saudi’s largest casting and forging plant, and is scheduled to be completed in the first quarter of 2025.